Let me be clearer: they are definitely watching someone else hold their bag, but that doesn’t give them protocol power. Anyone can spin up a node to watch. Those nodes have no say over the mempool.
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It does in fact give them power over the protocol. Their power comes from deciding which protocol to follow. If you want what they are selling (USD in this case) then you need to provide bitcoin that follows what *they* decide the protocol is.
The set of market participants on that side of the trade have 100% of the hard power over the protocol.